# S&P/ASX 200

The S&P/ASX 200 index is a market-capitalization weighted and float-adjusted stock market index of Australian stocks listed on the Australian Securities Exchange from Standard & Poor's. It was started on 31 March 2000 with a value of 3133.3,[1] equal to the value of the All Ordinaries at that date.

The ASX 200 reached 6,000 points for the first time on Thursday 15 February 2007.[2]

## Calculations

The ASX 200 is capitalization-weighted, meaning a company's contribution to the index is relative to its total market value i.e. share price multiplied by the number of tradeable shares. The ASX 200 is also float adjusted, meaning the absolute numerical contribution to the index is relative to the stock's value at the float of the stock.[3]

Although the calculation starts with a sum of the market capitalisation of the constituent stocks, it's intended to reflect changes in share price, NOT market capitalisation. Therefore a fudge factor called the "Divisor" is used to ensure that the index value only changes when stock prices change, not whenever market capitalisation changes. For example, if a company increases its market capitalisation by issuing new shares, the Divisor is adjusted so that the ASX 200 index value does not change.

## Eligibility

To be eligible for inclusion in the ASX 200 Index:[4]

• Market capitalization: A stock’s weight in the index is determined by the float-adjusted market capitalization of the stock. This is a function of current index shares, the latest available stock price and the Investable weight factor (IWF). The IWF represents the float-adjusted portion of a stock’s equity capital. Therefore any strategic holdings that are classified as either corporate, private or government holdings reduce the IWF which, in turn, results in a reduction in the float-adjusted market capital. Shares owned by founders, directors of the company, trusts, venture capitalists and other companies are also excluded. These are also deemed strategic holders, and are considered long-term holders of a stock’s equity. Any strategic shareholdings that are greater than 5% of total issued shares are excluded from the relevant float.
• Liquidity: The trading volume in terms of dollar value and the number of transactions must exceed at least 0.025% of the sum of all eligible securities' trading volume. To ensure that no single company dominates trading, they are capped at a maximum of 15% for value, volume and transactions.
• Listing: Only stocks listed on the Australian Stock Exchange will be considered for inclusion in any of the S&P/ASX indices.

## Constituent companies

The number of shares in the index is highly dynamic and does not always revert to 200. On average, the index is rebalanced every quarter by Standard & Poors.:[5]

As of 23 May 2014, the constituent stocks of the ASX 20 in alphabetical order by symbol are[6]

AGL AGL Energy Ltd 55 Utilities Sydney
AIO Asciano Ltd 20 Industrials Melbourne
AMC Amcor Ltd 15 Materials Melbourne
AMP AMP Ltd 40 Financials Sydney
ANZ ANZ Banking Group 40 Financials Melbourne
APA APA Group 55 Utilities Sydney
ASX ASX Limited 40 Financials Sydney
AZJ Aurizon Holdings Limited 20 Industrials Brisbane
BHP BHP Billiton Ltd 15 Materials Melbourne / London
BXB Brambles Industries Ltd 20 Industrials Sydney
CBA Commonwealth Bank 40 Financials Sydney
CCL Coca-Cola Amatil Ltd 30 Consumer Staples Sydney
NVN Novion Property Group 40 Financials Sydney
CPU Computershare Ltd 45 Information Technology Melbourne
CSL CSL Ltd 35 Health Care Melbourne
CWN Crown Ltd 25 Consumer Discretionary Melbourne
DXS Dexus Property Group Real Estate Sydney
FMG Fortescue Metals Group 15 Materials Perth
FOX Twenty-First Century Fox, Inc. Consumer Discretionary New York City / Sydney
GMG Goodman Group Limited 40 Financials Sydney
GPT GPT Group 40 Financials Sydney
IAG Insurance Australia Group Ltd 40 Financials Sydney
IPL Incitec Pivot 15 Materials Melbourne
LLC Lend Lease Group 40 Financials Sydney
MPL Medibank Private Limited 40 Financials Melbourne
MGR Mirvac Ltd 40 Financials Sydney
MQG Macquarie Group Ltd 40 Financials Sydney
NAB National Australia Bank Ltd 40 Financials Melbourne
NCM Newcrest Mining Ltd 15 Materials Melbourne
ORG Origin Energy Ltd 10 Energy Sydney
ORI Orica Ltd 15 Materials Melbourne
OSH Oil Search Ltd 10 Energy Port Moresby
QAN Qantas Airways Ltd 20 Industrials Sydney
QBE QBE Insurance Group Ltd 40 Financials Sydney
RIO Rio Tinto Ltd 15 Materials Melbourne / London
SEK Seek Limited Ltd 20 Commercial Services & Supplies Melbourne
SGP Stockland 40 Financials Sydney
SHL Sonic Healthcare Ltd 35 Health Care Sydney
STO Santos Ltd 10 Energy Adelaide
SUN Suncorp Group Ltd 40 Financials Brisbane
SYD Sydney Airport Holdings 20 Industrials Sydney
TCL Transurban Group NPV 20 Industrials Melbourne
TLS Telstra Corp Ltd 50 Telecommunications Services Melbourne
TOL Toll Holdings Ltd 20 Industrials Melbourne
WBC Westpac Banking Corp 40 Financials Sydney
WDC Westfield Group 40 Financials Sydney
WES Wesfarmers Ltd 20 Industrials Perth
WOW Woolworths Ltd 30 Consumer Staples Sydney
WPL Woodside Petroleum Ltd 10 Energy Perth
WRT Westfield Retail Trust Ltd 40 Financials Sydney